Bouyed by a rock star welcome,
President Aquino announced that he received an equally “shocking” suggestion from
international bank proposing “globalization” of Philippine peso.
Breaking the news before the
gathering of the Filipinos in Manila, President said that he had asked Finance
Secretary Purisima to study the said proposal, in which Aquino found it as surprising
by his own standards.
“I thought I was a bit difficult
to surprise. But I was shocked when this big bank told me that we should
‘globalize’ the peso,” President Aquino said in a speech at Chapelle
Sainte Bernadette.
“Never had I thought that anyone
would ever make such a suggestion, believing that the Philippines are in such a
good shape that he would be willing to invest in our currency because he
believes in the stability of our economy.”
“Internationalizing” our
local currency will allow non—residents to transact in peso and exports can be
invoiced in same currency, reducing the foreign exchange costs. The Philippine
government can also issue a peso—denominated debt overseas more competitively.
Finance Secretary Purisima?
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